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Hampton Roads Ventures Tackles U.S. Healthcare Crisis Community by Community
Date:3/16/2009

Medical Office Building Project Provides State-of-the-Art Healthcare for Rural and Urban Communities

NORFOLK, Va., March 16 /PRNewswire-USNewswire/ -- Hampton Roads Ventures (HRV), a community development investment firm, employed the federal New Markets Tax Credit ("NMTC") program to provide equity and debt financing for two medical building projects in both urban and rural communities in Virginia providing successful solutions to one of the top issues affecting Americans: affordable and accessible healthcare.

With the recent deal closing of the Duffield Medical Center in Duffield, Va., HRV solidified its impact on the federally-designated medically underserved area in the Appalachia region. Using NMTCs to attract private sector investment capital, HRV provided $5 million of financing with "equity-like" features and non-traditional rates and terms to facilitate the development of the state-of-the-art 26,500 sq. foot project.

HRV's innovative financing techniques are allowing for the area to triple its available physicians from two to six, providing a full service outpatient diagnostic center and a fully-equipped rehabilitation facility -- a first for the Community Development Financial Institutions (CDFI) Low-Income Community. The development of this $6.9 million center will provide 37 permanent jobs and provide countless health improvements for those in the surrounding community.

In continuing with its 2009 initiative focusing on Jobs, Healthcare, and Education, HRV partnered with development firm Lauth, Bank of America and SunTrust to solidify the dream of longtime Norfolk resident, Dr. Keith Newby, Sr. to develop the Fort Norfolk Plaza Medical Office Building. The nine-story, 195,890 sq. foot building will be the first new medical office building constructed in Downtown Norfolk in 40 years.

HRV was poised to help fulfill Dr. Newby's dream with its investment
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SOURCE Hampton Roads Ventures
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